You never use one point of reference. That's why I look at fundamentals first and foremost, then supplement that analysis with opinions of bank analysts and developers.

Cdl's comment is illuminating. If you follow mr kwek's public comments, he is always bullish about the property market, sometimes irrationally so. That they have sounded a warning as well is interesting.

The case to be long property is basically anchored on excess global liquidity, and for the reasons alluded to earlier, is hard for me to buy into wholeheartedly.